California pension funds have massively hemorrhaged since the economic downturn of 2008. Indeed, Gov. Schwarzenegger “told reporters last week that the big pension funds could face an estimated $300-billion shortfall in covering the cost of pensions to current and future retirees.” According to the LA Times, this “tremendous drop in the portfolios' value is...
U.S. Pension Expenditures, FY 1900 to FY 2012
May 25, 2012
U.S. spending on pensions dramatically skyrocketed beginning in the mid-1950s. According to this chart, pension expenditures exceeded $1 trillion in 2010.